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India tops Germany on market-cap chart

Europe’s largest economy has a market capitalisation of $2.08 trillion, compared with $2.12 trillion for India.

, ET Bureau|
Mar 14, 2019, 08.39 AM IST
Mumbai’s road to glory appears to be passing through New Delhi these days. In the run-up to the national polls, Dalal Street has edged past Frankfurt on the global market capitalisation leader-board, underscoring the average Indian voter’s confidence that this summer’s balloting would return to power a stable government at the Centre.

Europe’s largest economy has a market capitalisation of $2.08 trillion, compared with $2.12 trillion for India, Bloomberg data showed. This is the second time in seven years that Mumbai outran Frankfurt. India’s market capitalisation touched a record high of $2.45 trillion in January 2018. In the last one year, India’s benchmark index rose 4 per cent in dollar terms, while the key German gauge, DAX, dropped 14 per cent.

India snip 2

India’s market capitalisation to GDP ratio is 81 per cent, compared with 51 per cent for Germany. Its slide means that after London leaves the common economic bloc in March, there would be only one EU nation — France — in the seven biggest capital markets on the planet.

India continues to be among the fastest expanding economies, while there are multiple signs that growth in Germany is hard to come by. Its GDP contracted 0.2 per cent in the third quarter and the German economy was largely flat in the fourth quarter of 2018.

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